INDIAN ECONOMY INCREASINGLY GETTING INTEGRATED WITH WORLD ECONOMY, SAYS KAMAL NATH ADDRESSES 77TH AGM OF INTERNATIONAL CHAMBER OF COMMERCE INDIA
Date : 11 Mar 2008
Location : New Delhi
Shri Kamal Nath, Union Minister of Commerce and Industry, has said that the Indian economy is increasingly getting integrated with the world economy. India’s share in the world exports has increased from 0.7% in 2001 to 1% in 2006. India’s trade as a percentage of GDP has increased from 14.6% in 1990-91 to 21.2% in 2000-01 and 34.9% in 2006-07. This was stated by Shri Kamal Nath while inaugurating the 77th Annual General Meeting (AGM) of International Chamber of Commerce (ICC) India on the theme of “Global Economic Outlook: Impact on Asia”, here today. “Indian merchandise exports have witnessed a sustained high growth rate of more than 20% per annum during the Tenth Plan. Exports reached a level of US $ 126.3 billion in 2006-07 registering a growth rate of 22.5% over the previous year. Against the target of US $ 160 billion for the year 2007-08, exports reached a level of US $ 111.1 billion during April-December 2007. With the present trend growth, exports during the current year are expected to reach a level of US $ 152-155 billion”, Shri Kamal Nath said.
Keeping the current international scenario in view, Shri Kamal Nath said that there is a need for a new architecture of international relations which should be based on trust and mutually beneficial integration. With economic power of the emerging markets accounting for a larger share of global GDP, China, India, Brazil, Russia and other crucial players need to be brought to the table of international policymaking.
While commending the role of ICC, the Minister stated that ICC promotes an open international trade and investment system and the market economy. He further stated that the high growth of Indian exports during the recent years has been possible due to concerted efforts made by the government to reduce trade barriers, bring down transaction costs and facilitate trade accompanied by a favourable international environment. The Minister was quoting the World Bank publication “Doing Business 2008”, that India has been rated as the top reformer in the Trading Across Borders in 2006-07.
Shri Kamal Nath emphasized that the agenda for world trade negotiations need to be more receptive to the needs and sensibilities of the developing countries and LDCs, and added that agriculture should remain at the heart of the negotiations since the livelihood concerns of more than a billion resource poor farmers depend on it. He further added that a delicate balance between the defensive agenda on agriculture and the relatively offensive agenda on Services and NAMA.